Summit Materials Inc. signed a definitive agreement to acquire Boxley Materials Co., a vertically integrated construction materials company founded in 1892 and based near Roanoke, Va. The transaction is expected to close in mid-March, pending expiration of the standard regulatory review period.
Together with the recent acquisition of American Materials Co. (AMC), Boxley forms a strong aggregates-based growth platform for Summit in the Virginia and Carolinas region. The combined businesses comprise 11 aggregates locations with 0.5 billion tons of reserves and annual sales volume of about 5 million tons, along with four asphalt plants, four ready-mix concrete plants and one architectural-products manufacturing facility. The combined investment is approximately $250 million.
Tom Hill, Summit’s CEO, says, “These high-quality businesses are a perfect fit with our materials-based acquisition strategy, increase our geographical diversity and create a platform of scale in the high-growth Mid-Atlantic area. Both possess market leading positions and experienced and entrepreneurial management who will continue to be led by Ab Boxley at Boxley and Tim Bizzell at AMC.”
